Workshop Offers Estate Plan Options for Farm Families

AMES, Iowa – Talking about estate planning is difficult and implementing an estate plan can be even harder. And farmers are unique when it comes to retirement and retirement planning. Iowa State University Extension and Outreach understands their situation and is offering Evaluating Your Estate Plan workshops at seven locations during June to discuss estate planning for farm families.

“For farmers, there isn’t a distinct moment where they just walk out the door to retirement as someone in a regular wage earning job might do,” said Kelvin Leibold, farm management specialist with ISU Extension and Outreach. “Rather, farm families often need to think about how to transition the farm business to the next generation during lifetime, as well as having an estate plan in place.”

There are options they can consider such as phasing out or transitioning to another generation. The Evaluating Your Estate Plan program can help in the planning process.

The Evaluating Your Estate Plan workshop answers estate planning questions and helps prepare for future farm transitions and estate planning. Questions often include: Who needs to be involved? What information do I need to gather? When is it the right time to start? Where do I start? How do I decide what to do?

Presenters for the workshop are Leibold and Melissa O’Rourke, ISU Extension and Outreach farm and business management specialist. Leibold joined ISU Extension in 1987 and has vast experience in working with agricultural clients in farm and business planning. O’Rourke is an attorney experienced in agricultural law and estate planning.

The one-day workshop will cover the language of estate planning, gift, estate and inheritance taxes, calculating retirement costs, and many other areas vital to creating a good estate plan. The workshops help anyone who is confused about building a plan for transferring farm assets or unsure what options are best for their farm operation and family.

Evaluating Your Estate Plan workshop locations

Registrations for the workshops can be made by calling the county extension office listed with the workshop location. Advance registration is required as space is limited. Workshop sign in starts at 9 a.m. at each site; workshops will adjourn at 4 p.m. The Evaluating Your Estate Plan workshop costs $50 per person and includes workshop materials and lunch.

  • June 19 – Sheldon, Northwest Iowa Community College. To register, call 712-737-4230.
  • June 20 – Greenfield, Adair County Extension Office. To register, call 641-743-8412.
  • June 21 – Oskaloosa, Mahaska County Extension Office. To register, call 641-673-5841.
  • June 22 – Marion, Linn County Extension Office. To register, call 319-377-9839.
  • June 25 – Dubuque, Dyersville. To register, call 563-583-6496.
  • June 26 – Fayette, Upper Iowa University, Student Center Ballroom. To register, call 563-425-3331.
  • June 27 – Iowa Falls, Agriculture and Renewable Energy Center, Ellsworth Community College. To register, call 641-648-4850.

For more information, visit the Ag Decision Maker website, http://www.extension.iastate.edu/agdm/info/meetings.html.

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